This scheme has been started to make the elderly financially self-reliant at the crucial stage of their life.
There is good news for senior citizens. Now, the government has started 'PM Vaya Vandana Yojana' for people above 60 years of age. Under this, you can get a pension of up to Rs 1,11,000 annually.
Pradhan Mantri Vaya Vandana Yojana has been started to make the elderly financially self-reliant at the crucial stage of their life. Its duration was till March 31, 2020, but now it has been extended till March 2023.
Who will benefit from PM-VVY?
The minimum working age to join this scheme is 60 years. That is, citizens of 60 years or more can invest in it. Under this there is no maximum age limit.
Investment of max Rs 15 lakh
A person can invest up to a maximum of Rs 15 lakh in this scheme. The responsibility of operation of this scheme has been entrusted to Life Insurance Corporation (LIC). For pension in PM Vaya Vandana Yojana, you have to invest a lump sum amount and then you can opt for monthly, quarterly, half yearly or yearly pension.
How much will be the annual pension?
Under PM Vaya Vandana Yojana, you will have to invest Rs 1,62,162 for a pension of Rs 1000 per month. Under this scheme, the maximum monthly pension is Rs 9,250, quarterly Rs 27,750, half yearly pension of Rs 55,500 and annual pension of Rs 1,11,000.
How to invest in PM Vaya Vandana Yojana
You can dial 022-67819281 or 022-67819290 for detailed information about the PMVVY scheme. Apart from this, you can also dial toll-free number – 1800-227-717.
Service Tax Exemption
This scheme is exempted from Service Tax and GST. And the most important thing is that you can also withdraw this money ahead of time for the treatment of any serious illness.
Required documents for PM Vaya Vandana Yojana
For investment in Pradhan Mantri Vaya Vandana Yojana, it is mandatory for you to have a copy of PAN card, a copy of address proof, and a copy of the first page of the bank passbook.
Loan facility also available
There is also a loan facility available in this scheme. In this, you can take a loan after 3 years of the policy. The maximum loan amount cannot exceed 75% of the purchase price. The scheme does not provide tax benefits like other pension schemes of the government.
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